AP NEWS

Tennessee panel OKs $3.3M more for financial firm to expand

January 21, 2020 GMT

NASHVILLE, Tenn. (AP) — A state panel approved another $3.3 million in incentives Tuesday for a financial firm to create 200 more jobs than first announced for the relocation of its global headquarters from New York to Nashville.

The State Funding Board approved the additional grant money for AllianceBernstein, which announced plans in May 2018 to relocate and bring 1,050 jobs.

The money is in addition to $17.5 million in previously approved financial incentives for the company’s move.

AllianceBernstein now plans more than $80 million in total company investment and 1,250 jobs in Nashville. The firm has about $623 billion in assets under management, nearly 3,800 employees and offices in 25 countries.

The company plans to move into its permanent downtown headquarters by the end of 2020.

The average wage is expected to be about $100 per hour. All but one of AllianceBernstein’s C-suite level executives have already relocated to Nashville, and 30% of its Nashville workforce will be employees relocated from New York, according to the Department of Economic and Community Development.

The State Funding Board also approved $1.5 million for automotive seating company Adient to add 331 jobs in Lexington, and $1.3 million to help car parts producer Minth Tennessee International add 254 jobs in Lewisburg.